N.J. man admits alleged $200M real estate scheme

TRENTON — A New Jersey man who authorities say ran a $200 million real estate fraud scheme over several years has pleaded guilty.

Eliyahu Weinstein pleaded guilty to money laundering and wire fraud conspiracy in federal court in Trenton on Thursday. He faces up to 25 years in prison when he's sentenced in April.

Weinstein was arrested in the summer of 2010. The U.S. Attorney's Office claimed that beginning in 2004, he used forged documents and bogus deeds to get investors to give millions of dollars with the promise of hefty returns.

They allege Weinstein didn't own many of the properties he was offering but sold and resold them illegally, and used investors' money for personal luxury purchases.

Many victims were members of Weinstein's own Orthodox Jewish community in New Jersey.